Events Add an event Speakers Talks Collections
 
Duration 1:09:44
16+
Video

Inman Connect - Session2

Katie Kossev
Sales Manager at Compass
+ 6 speakers
  • Video
  • Table of contents
  • Video
Inman Connect 2020
January 28, 2020, New York, NY, USA
Inman Connect 2020
Request Q&A
Inman Connect 2020
From the conference
Inman Connect 2020
Request Q&A
Video
Inman Connect - Session2
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Add to favorites
95
I like 0
I dislike 0
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
  • Description
  • Transcript
  • Discussion

About the talk


00:05 Intro

02:16 Handling the current situation

03:40 The state of the market and vision for the future

07:45 Big shift in housing

10:40 Agents

14:18 Family business

19:08 Tactics you can implement now with Ryan Serhant

23:40 Mental health in the current situation

25:13 Social media

31:00 Post-pandemic plans of Ryan Serhant

32:50 Business at the moment

34:50 Life now as an agent

37:05 Parenting

41:27 How are indies confronting this moment?

About speakers

Katie Kossev
Sales Manager at Compass
Helen Hanna Casey
President at Howard Hanna Real Estate Services
Brad Inman
Founder at Inman News
Ryan Serhant
Co-Founder at The Serhant Team
Vanessa Bergmark
CEO/ Owner at Red Oak Realty
Kofi Nartey
Founder & CEO at Society Real Estate
Thaddeus Wong
Owner at @properties

18 years experience in real estate entrepreneur coaching, management, sales, marketing and recruiting. Helping Realtors with their vision, strategy and plan of action. Professional speaker, motivator and firm believer that when there's a will there's most certainly a way.

View the profile

Owned by Brad Inman, “Inman” is a digital media company that reports on the real estate industry. Founded in 1996, Inman has grown to become the largest real estate news company. The firm publishes more than 3000 stories a year and produces widely popular events where the industry learns about the latest market trends, new technology and business models. On the Inman stage, Brad Inman has interviewed many technology and media personalities including Rupert Murdoch, Arianna Huffington, Craig Newmark, Barry Diller, Kara Swisher and Barbara Corcoran. In 1999, Brad Inman founded online real estate firm, HomeGain, which was acquired by media company Classified Ventures in 2005. Among other innovations, Homegain was the first company to offer consumers an instant online home valuation tool. Brad Inman was one of the first investors and served as chairman of blogging platform Curbed before it was sold to Vox media.

View the profile

Ryan Serhant is an American real estate mogul, producer and TV personality. He is best known as the star of Bravo's two time Emmy-nominated "Million Dollar Listing New York" and as the founder of The Serhant Team. His team at Nest Seekers International consistently sells over one billion dollars in real estate and is the #1 sales team in New York and the #3 sales team in the U.S. by Wall Street Journal. In September of 2018, Ryan debuted his first book, "Sell It Like Serhant: How to Sell More, Earn More, and Become the Ultimate Sales Machine," which became a best-seller on the New York Times, Wall Street Journal, and Los Angeles Times book lists. The book was aptly named after the show he produced and starred in on Bravo in early 2018. As a real estate expert he is a frequent contributor to 20/20, CNN, CNBC, The Today Show and Bloomberg TV, and is often quoted in The New York Times, Forbes, Wall Street Journal and Wall Street Journal China.

View the profile

Businessman. Founder/CEO of SOCIETY Real Estate + Development: The Private Real Estate Firm offering full portfolio luxury real estate services for professional athletes, entertainers, and distinguished clientele. Also the founder of The Sports & Entertainment Society, an international membership organization for those servicing the sports and entertainment communities.

View the profile

Thaddeus Wong began his real estate career in 1996 and quickly established himself as one of the most successful Realtors® in the city of Chicago. During the early years of his career, Wong personally recorded more than $300 million in sales and earned three consecutive Golden Eagle Awards from the Chicago Association of Realtors as the top-producing agent among the organization’s more than 17,000 members. In 2000 Wong and business partner Michael Golden co-founded @properties, and in 10 years have grown the company from $40 million to almost $2 billion in annual sales. Today @properties is #1 in market share in the city of Chicago and #3 in market share in the Northern Illinois region. The company has seven Chicago-area offices and separate divisions for residential brokerage, commercial brokerage, development marketing, relocation, property management and REO / institutional services. @properties ranks 42nd on the Real Trends list of the largest real estate companies in America.

View the profile
Share

Greetings everybody. So happy to be back in now with someone. I really have just got to know but I really admire her and that's Helen Hanna Casey. Who is the CEO of Howard Hanna Real Estate? Helen and I as Helen one said knew each other in passing that kind of superficial relationship we have with too many colleagues going to pre-COVID Great. I got all dressed up. I'm speaking at Inman so makeup and everything. You look fabulous. You're on the big stage at Inman and I really am

glad you're here. Like I said, I felt like I got to know you in that conversation, and it was really spectacular. Let's start out with you. How are you and your company handling the events? Just of the last week like every week it seems like there's a blow and this last week was particularly traumatic. How have you been able to weather that storm? And how are you thinking about the world? And how's the company handling it? Well, I don't think this past couple of days has really been a business issue so much except in some downtown markets

that will be affected by it greatly. But I think it's more of a personal emotional issue this one and I think it's I think most people are on the same page about the original tragedy and now we're in this situation where you know cities are opening up the economy is coming back and suddenly those same cities are just being torn apart right now. I'm emotionally and physically also so as I say, we're not looking at it as a business issue so much right now. And hopefully, things will begin to calm down.

A lot of cities are going to face real estate problems. And this will only add to that so there might be a little slower coming back in some of those markets. And how is your market doing what's going on? Let's just the economy. Are you feeling the blow of unemployment? And then secondly, how about the housing market in from your experience? You've been through a few of these, you know tough times economically before where we are winding up here when we get through some of this. Bought on the

unemployment issue. I think that's funny cuz I don't know. I don't think we know what that's going to get that too. That's really going to be we're going to have to see people hiring up and what percentage of people are back to work so that percentage of the population. I think stay so I don't think we're going to see the effects truly about employment for the next 3-4 months. At least. Your prediction is the unemployment mass is going to start to bleed into things like housing demand. Is that right?

Cases some jobs are secure. And so, I think we're going to see that, but we are and what I mean by that is if you look at large banks are closing your call centers and saying work from home. So that's why you change people's living patterns. Do they have to live this close now because they don't have to commute large insurance companies are doing the same thing where they're saying, we don't need call centers because we can do that from him. So, I think we're going to see a lot of effects of it as employment changes as well as the eventual result of layoffs.

different regulations and we are still not able to physically show in Buffalo or Albany. Hopefully this afternoon York, but everywhere else we're able to show with able to be out in the marketplace able to go on listing appointments. And so that pent-up demand is there without having the housing Supply that we've all talked about and that's holding up price is right. We're hearing that around the country. There are not enough listings. There's pent-up demand. So, it still remains I guess the seller's market and the buyers are scrambling to find

inventory. Is that a fair way to put it in every market and I would say that the price range General and it does depend on the market greatly, but the price range is probably from 200 to 800 depending on the market. Where we're having the most and how long that will hold up. I don't know any of us are sure on that but I think they're two reasons that it's happening. It's not just a shortage of listing inventory available to people it's also the fact that

people have been cooped up in their homes and they've been able to think what I really want in the house I want And so I think a lot of that is happening is adding to it. By the way. I think that's probably being cooped up in her houses with bringing a lot of people out in the streets right now, but I do think it is accounting for so many people coming out, but I think the same thing is true people buy on Pinterest and looking for so I think that is also causing that by so people can work from home.

Is this going to be a Revival of the suburbs Revival of rural areas Revival of vacation locations are people going to move to Portugal and work from Portugal for Helen Hanna. I mean, what do you think is this a reaction momentary or do you think we'll see an actual shift in living patterns? Like we saw in the past with railroads and highways and white flight and you know discrimination and a redlining are we going to see the same sort of thing? He wrote a big shift in the patterns of where we live and why we live in different places. I think we're going to see some

temporary shifts. I don't know how long those will be. By the way, I do believe some people will leave urban areas. I think the New York City was saying exactly what we saw after 9/11 and then suddenly people started moving back to New York more people started moving into the city. So I do think that people have gotten used to being able to walk the neighborhood. Enjoying going to restaurants being able to go to ice cream if they want to. So, I think that was those clothes in suburbs and walking communities are going to be very

much internet. 'Cos they're not going to give up on the cities and go out in the country necessarily, but they may be in that zone of Suburbia. Somehow further divides us, you know, I'm in the back to the city movement with a good thing and one way across the gentrification, which is probably a bad thing, but we revived a lot of cities. I don't know. I just hope again. We don't find ourselves in a mess somehow, you know what I'm saying? I think quite honestly, I don't think that's going to happen. As I said, I think people have

love City living in there going to want that. I think the other changes though that City living has become very expensive in that he Market. And people are going to be easier. Yeah, like I would suspect New York City is going to have some buying opportunities. I think people will hopefully go back to this New York like right 911 911 if you looked at 9:11 and you had a house in Larchmont, you know prices skyrocketing and And you look at and you look at it now. New York City New York City doesn't have any problem right now. It might for a year to

come back. Helen let's kind of closeout talking about what is your communication to your agents. Are they feeling the pain already? And is the government help to help them? What is it they need right? Now. What do we all need to do to help agents? Are we say agents carry the back of all of us, you know, it's the agent subscribers that make in minutes? agents that made gave Zillow a 10-billion-dollar market cap, you know, you wouldn't exist without agents nobody would exist without agents, but it

looks to me like they could have a tough summer. What do you doing to help your agents? And what advice are you giving your agents during this difficult time? Well, I think there are days when we felt weave over-communicated that the more information, they had the better off of work. So early on we decided to extend the program. We had called the income advantage. So that our agents to get a monthly paycheck. And that has been very popular. And then how does that work for

work? They get based on your income from the year before they can opt to get a monthly paycheck on the 15th. Really and you're paying that? We're paying that no interest. Wow, I had not heard about that other broker-owner doing it. I'm sure there are some that have plans we've been doing it since 1994. And we made a commitment in March. To extend the sign-up dates and so that people could be so that people could if they hadn't signed up for the year.

an inward pretty aware It's kind of like a deferred loan. It's a deferred loan of moralized right deferred. There's no call on its own. So that in addition to the fact that for the first time our agents have been able to get unemployment. She's pretty amazing. So our agents that have done that many of them are okay to hold over. So I think it'll be July August September. Yeah, it did if we if we're not riding enough business now. And June if there's not enough inventory to sell. Then we're going to have to go back and look at other options to help hurry.

So it feels like in this scenario this summer agent, maybe not like the Glory Days but this summer they're taken care of through the fall but where we could hit the wall and have some challenges is in the fall of this year. That's kind of your outlook as a company at Rolling Out programs earlier. Not charging our agents for any new technology platforms. developing lots of marketing messages for them So if indeed right now right now we're going to be okay. Its wet clothes are in June and July that concerns me from that March April Market that we left

telling you and I have something in common. I have a man in the news a family-owned business. I came from parents that had they were small retailers in Southern Illinois. So, they weren't big shots, but they were family-owned tell us the benefits that you think for agents and others of being associated with a family-owned business and go ahead and Blow Your Horn cuz I think it's a pretty good deal for everybody to affiliated with them my personal by I think there is that one on one touch. that they know the

people that are signing the checks and asses are also paying the bills and that there's nobody behind us except us, and I don't know if you There you go. You're the boss. You're the stockholder. They know who to go to Helen. Thank you so much and thank you for connecting with Inman in a meaningful way the last couple months and thank you for being on the Connect Now stage and you're going to be a when this is all done with on-demand. You going to be and talk to tens of thousands of people and I'm your new fan. Okay, so hang in there, and thank you very much and vice versa.

How do you spell bye. Bye. This is Brad checking out. I'll be back later on with you all. Thank you. I'll be right back. I've always been a large contributor to my industry value and most never at Foley catheter. That's how you are being part of Hi everybody. I'm back, and I know you're probably asleep by now. So, I want to take a moment for you to prepare yourself and welcome to the virtual stage Ryan Serhant. I'm here and he's almost here. He's like running, okay. While we wait for him, I want to take a second and tell you in

the chat off of what you're staring at right now fashion earlier. We may happen to leave here in there. And he's probably the only house with me on it. That's probably what's happening. Is Rocky there. Ryan? Hello. if your clients in a time where we can actually get in front of our clients in person. Call Manuel. I just got to where I'm at right now on Broadway and maybe fifty or sixty thousand protesters marching on Broadway right now. What's going on and I'm

up here doing this? My neighbor Network. He has always been a cheater and through the phone, you know, my second touch or network was that always in person? My kitchen plant has always been kind of a rule of five 5 and 5 to talk to you A lot of my work everyday people that you otherwise wouldn't have spoken to put yourself out there to somebody and attorney general contractor another real estate agent. Never know and it's a great way to make sure that you're actually cuddling

Michael if he could you down the river. Black River take me where I want to go where I want to go to The Pipeline Grill on top of that, you know something that we could do in the lotto numbers everywhere plot, New York City. Over Facebook pages Facebook membership groups for something that you really like that you might have in common with other people if you never really focused on whether or dog or are you at work now is real cars. Where you love your tire Network? Say hey

babe. I'm upset with crocheting. I don't know if you ever do that. I made a Facebook crochet. And I want you to join it as two or ten people before and they're going to tell her other friends during this whole thing. your clients and send you the before I feel like it's we're just going to be I need is a map of protest going on by my windshield right now. I feel more connected to my own mind body and soul Stanley. You know, I'm talking to Flying every day. How do you sell real estate? Hey, you okay

last night and you know it four days ago. We were still checking in with people hate on your house and her family members are grandparents. And now things changed a little spot you. We are all connected, and we all have our TV every day to be good humans and fight back again. Play I mean I didn't know how we would bring about social media are walking talking to people trying to understand that I will never understand, and I think that you know, you know, you never understand to a place we are not afraid to go outside. You're not afraid if you see a police officer, you're not afraid of

you know of anybody. And I think black lives do matter and I think we need to stand with the black community, and we should have been doing this. So, we should have been having these protests like years ago and kind of in the words of Will Smith, right like racism. Is it new? It's just being filmed and you're the one thing that I kind of don't agree with and I'll probably get some Flak for this, but I would post about it later is like, you know, the music industry put out these black tiles on Instagram as a way to give their employees a day off and to show solidarity

with the black community and it spread like wildfire not because everybody is using black tools in the back tiles in the blackout Tuesdays as a way to like actually to do something but it's all a sudden it's away forever to say. Hello. I'm doing something good to hear the black tile hashtag. I just did something. I just made a change. I just did something in that like at the kisses me off. And I think if you're actually going to stand for something and actually try to effect the change you should actually do it and I don't think we should be silencing

social media which is the whole reason we know about these atrocities in the first place because you're actually being filmed and the power of Instagram and Twitter and Tick Tock and Facebook. And Snapchat is that we are all presenting the news live every day. I just posted a video on my story of this about the protests happening at Broadway right now. It sounds like it's on the news just yet because it just started happening but in a millisecond I can put it out there and see it. I don't want people to say all well, but it's blackout Tuesday. I shouldn't be I shouldn't be posting

right now because I'm afraid to do that and what if someone says something else like we should all be speaking out loud and in helping each other and protecting each other and moving us forward in a positive direction using social to do that. Ryan it because your audience is still at large. Do you have any advice for those that are watching that are very disheartening when you know that some? people have audiences may be as large as yours, but I feel like if we really come together and I know we're veering off subject, but you know

something can be done, and I think we just need to stop being worried about what everybody thinks that comes out of our mouths of a white people in just stand up for what we know is right which I can tell is what you're doing. So, I feel like the audience will continue to watch you over the next couple of days and then take a leave from you and I just appreciate you being so open about it. Of course. The fan. So, thank you for our audience who's sitting here? And in just trying to kind of grasp what is happening in the world? I feel

that a lot of people are worried over the last 60 days and you've always been such a great job of being so incredibly professional and just for train yourself in this amazing light after reading your book and knowing where you came from and you afraid of the life that you wanted to create but so many people are afraid of getting out there on social media. They think it's maybe not as professional or it's not luxury on. What is your what is your thought on that? What's the advice for all of our luxury agents who have never once been on a video? Social media is the newspaper of

100 years ago. Right now, it's the news it is. It's the way you get information out there. It's the way you promote yourself. It's the way you tell people what's going on. It's the way you connect with people. So, newspapers did not go out of style until now until social media came around and the iPhone and the Android. So, if you are not promoting yourself or promoting your properties over, you’re the person who in 1994 didn't think that AOL was ever going to turn into anything right? You were the person who is doing dial-up internet in Sanger. This is going to be

stupid. This is just for kids the internet works. So, few things are not as fast as they are given, we sell more property now on my team through Instagram and YouTube then I do through the New York Times through Google any other advertising Source in any way shape or form that we generate leads for buyers through video. Now there is the ability to promote ourselves. Branded agency cuz that's really what's important, you know salespeople. We are leaving generators. That's it like that at the end of the day you're waking up every day and you're going

to generate leads. That is it that is a job. And if you're not generating leads on the number one lead generating platform there is which is Instagram Tik Tok YouTube Facebook Twitter Snapchat, like what then what are you doing? What are you doing? You're stuck. You're stuck in the past and people who are stuck in the past end up staying there. So, you can imagine we have some amazing patience were finally taking advantage and ones that are just now kind of stepping out there, but it's so cool to be able to follow you as a guide for that. We have a

question from the audience from Angela Correa. She asks Ryan. What are your plans to get back to business after everything is calm down in the city? I don't know. I think you know New York is still very much on not even in phase one yet. If you're aware of the East Coast phases and Governor Cuomo's phases. Once we phase one then we can start getting back to construction. Hopefully, that is this coming Monday for two weeks. After that we can hit Phase 2. So then June 20, what is that 20 seconds. Then means that real estate Financial Services curbside retail things like that can go

back. I think we'll begin showing homes again. I'll be at, slowly right? It's not going to be a light switch. It's going to be a dimmer in a really slow one and will wear masks and protective gear and we will socially distance we won't do open houses. We want to big events and we'll wait for it out. You know, we're not there's no normal anymore like normal over, you know it normal to feel like this. Is this being this is our World War II and we have to wait to ride it out. We have to see What happens if you are best to stay healthy with the stay smart and those who come out of this, we

have to understand that we're going to be selling an MBA. Totally normal and maybe that's good for is your area where you are? I know we have a lot of course members who are neighborhoods where they have never had bigger months than what they're having right now, or maybe it's bad for your area. Right? Maybe you're in an urban area. Like I am Where It's Tricky and It's Tricky I don't want is for her to is Corona and now it's looters and it's you know who murdered Hornets like a different world now. What is a what's business look like you know for you right now?

How are you? How are you even functioning on a day-to-day basis when it's time to show a property or someone wants to be a virtual showing them all together what they look like for you. So, we're not allowed to go to buildings and show it all I can't show up. I can't do a FaceTime showing at can't do anything. So, everything we do is virtual with video footage that we already have a media company as part of my team that I built two and a half years ago. And so thankfully two and a half years ago. I realized that we're can be selling through the video a lot more than ever and so we

started kind of catalog and video of all of our properties of matter what just as part of our listing processed until we had videos of everything and so we've been able to forward that on to every buyer broker that's asked for it and we barely been able to promote things. You know, we've launched new listings with Instagram lives with our clients because we're not allowed to go to homes. We're not allowed to leave our apartment's right for work, especially so, you know, we lost the building in Brooklyn. Condo project called the Golden Gate condos last week and because I wasn't

allowed to go there the developers allowed, right? So, he went, and she got on his phone and we Instagram live to launch be promoted it for UE blast. We pushed it as hard as we can, and you know the rest of my business. My staff is great as you see in the background, even though I told him not to go behind my head over to Jordan's moving back and forth. She's got stuff to do, you know, the team is great. The staff is great. And we've got a lot of work like we've I can't go into details but 2020 is going to be a big year for us. We've got a lot going on in a lot of changes, but I think will

be beneficial to The Brokerage Community as a whole that will start rolling out this summer. So, we've been really busy. Have you been talking? about the future for a long time and how things need to change, and this really pushed us a lot faster than I think any of us expected Shepherd wants to know how has being a dad affected your life as an agent. Oh, man. I mean I had now I have sympathy when people show up the kids because now, I totally get it to showings in

open houses and things I now have total sympathy for any sellers that I have who have kids. When is before I am like you just keep clean up the toys? What's the problem just clean, clean up that don't you want me to sell it now? I'm like if I told my wife, can you just clean it up so that we can show the apartment later? I would be I am in she would hurt me physically having children is exhausting. The baby is 24/7. She's an Energizer Bunny. She is not a Sit can't physically she runs everywhere up and down. She cries over everything and I see other babies and

they're much calmer. And so, you know, Zena is taking all the energy that I have and like being stood up a lot but you know, but she's awesome. She's great and she gives me something to work for, you know, I spent the last twelve years of my career. Building a career for myself, you know working for myself building for myself and then for me and Amelia and you know our marriage now, it's really like everything I do. I think I would be proud of this but seeing as it can eczema happy. Is it going to be good for the future?

kids and everything like it gives you a whole new reason to live and I'm not saying anything new every parent says the same thing but it's different once you once I feel it. All right once you realize it It's always special when it's winter if I have a 13-year-old daughter and she is at the greatest thing in my life. And I was thinking over the last you know 72 hours 2727 to do the math. I was thinking last night. The one most important thing is totally not real estate-related, but I can tell you'll be open to diving into this with me. My

most important job right now is at the human being is to raise my daughter right to love all people of all walks and all colors. And do you have any insight on that and how you're raising your daughter and how we can change things for the next Generations of a stopped happening? It's everything starts with parents and everything starts with the leaders. I think that's a lot of the frustration that everybody has right. Now. I'm pretty sure bad kids aren't born. I think bad kids are raised whether it's through lack of Love or poor parenting.

You know, I think that there can be some bad apples are bad apples in every group, but you have to be a good parent have to be a disciplined parents and you have to know that you have to understand the power of no, right. The easiest thing you can do as a parent and as an agent easiest thing you can do is say yes because it's easy everyone does it and you see the repercussions right? You didn't have a bad kid to grow up to be bad adults and become Bad actors with bad

clients my back wise. So, you know, my wife was like you before I had to babysit. How are you going to deal with a crying baby every day in your job so stressful and this that the other like I have a crying infant that'll be new I deal with crying babies all-day long if my job. I didn't get dressed up in Disguise is 42-year-old men right when they call me, they cry, and I got to let them cry it out we talked and then I give him a biscuit and they're all okay, but yeah, you know and then into leadership,

right? Like I really take leadership seriously and if you are a leader in your community or your leader in your team or your leader in your office or are you just a leader like you got to lead by example, you know, you lead by example for the reason. I'm in the office now, I don't want any of my team members coming here, but I need them to know that I'm here for them. Right we've got business. I'm going to make it happen. Let's go. I'm a leader. I will make sure it happens at home watching Netflix or chilling or complaining or being moaning and groaning

about life. Things are tough for everybody. No one special so, you know, I am leading by example as best I can, and I want to I want that and I went down after everybody else and I work the hardest because that's the one thing you can actually control everything else as we've seen in the last 90 days is completely out of our hands. Yeah, it is, and we just want to thank you for the audience and myself for being just an amazing example of what we all want to be held down in New York. We wish you much luck and say hello to your wife and your daughter and stinky Ryan for being here. We

really appreciate it. Thanks so much and we'll be right back after these commercial breaks Out of Oakland and Berkeley, California. and then Thad Wong from Hi, I'm Thad Wong based out of Chicago, Illinois. fantastic and finally Kofi Nartey with Society Properties, hello. Hello. Hopefully, you can hear me. This is Kofi Nartey Founder and CEO of Society Real Estate and Development in Beverly Hills, California. Delighted to be on with all of you. And I thought we could start with what are you seeing in your markets?

Something we all have been noticing during the same time. We just started to see after about four weeks ago. We bought him down and started seeing a Resurgence back to home buying to the point where we had in the last week every day. We've exceeded our projections for 2020 before COVID-19. You know, we had a very big deal, but we are experiencing a very good Market. I think she will be being stuck in their homes for too much help them realize, you know, what they want to do in their home or deciding they

wanted to get out of an apartment and get it or a bigger home or get a yard and get a home office. So, we primarily deal with a flea market, sodar market with less affected by COVID-19. We're seeing an incredible focus on real estate and a lot of homeownership and we can we thought we would get back to our projections of 20/20 by the end of the year. That's incredible. And I think maybe different from what I know. Yeah, we are out of the East Bay. So not San Francisco a very different Market but right across the bay 20 minutes away or three hours depending on

traffic. But ultimately what we have seen was we would have for the first counties to go into a shelter in place. So, we lock down right away and you know, we humans have a pretty quickly about 2 weeks into it and there's been a lot of the Bay Area is very conscious of the fact that this was a virus and conscious and paying attention to our leadership to remain home and to put lives before business and at that time everyone stayed in and we did what we were told to do, and you know, I think because

of that it's been slower to open up. Inventory started down 30% in the Bay Area as the year launch that we did not we were not having a robust year to begin with and then a diminished and probably dropped again. So that created such a different market now it's picking up again. We are back to multiple offers. We are back to 15 showings than cleaning the day and it is back, but I think you know, we're obviously facing a new issue that that will change potentially the ability to show and conduct business as usual. So, I feel like we're going into a face to a

whole other problem answers that kind of what's happening in the East Bay right now. So just like these other major metropolitan areas. It's a tell mini market, right but we're definitely seeing the pent-up demand going to open up and we did see the whole shut down slow things down cuz we can even show properties but there are a lot of people who are looking to buy right now and then there are always people who have to sell it. So, we're always looking for that segment of the market or activity is happening and as we started to

even open up we see multiple offers. So, we've seen offer sight unseen. We've been using your video apps to show properties. So, you know, we have a new A new challenge and honest I'm just being sensitive to even what's going on in the world in the environment across the board, but I think in terms of real estate activity itself, we've seen a real uptick and I think we're going to continue to see that because interest rates continue to below and there's a market start to recover. You know, what goes back up interest rates. So, people want to lock in the interest rates where they are

now. So, one of the things we talk about when we prepped for this week just diversity of experiences. She probably there's also been running a business to one of the places. I'd like to start talking about like profitably managing an indie business right now and ensuring that the business basically stayed in business during this. Do you all want to talk about how you been thinking about that the actions that you've taken to ensure that your business is going to come out

of this. I'll go first. And I'm going to go first by first shouting out the two other people on the panel today because even if I was making my decision to go independent and to spread my wings and in on my brand and on my outcome, these were two of the companies that I actually research, so I know you're too I know your story is extremely well and you know it it's really fun to be on a panel with you today. Oh, cuz you guys are really Blaze the trail in terms of independent broker Justin and really, you know, I'm

setting up a model that works but I think in trying times you always come back to the numbers, you know, you come back to what's necessary with unnecessary, you know, not really ways of cutting corners, but doing things more cost-effectively and then really just trimming the fact, you know, there are some advantages to things moving into more of a digital space digital tends to be a little bit less expensive than print for example in some of the tools that we're going to be utilizing that we've been forced to utilize but will continue Using because it makes so much sense is

less expensive than some of the things we used before, but I do think that you know, everyone has to pay attention to their spending. They have to pay attention to their overhead. You know, I had to get my own office space now and that is a different model than I've been used to and you know and looking at that how many ages will actually utilize it how much space do we actually need? I've been squeezing the agency. Listen if I get more space you better show up and use it and if we don't need it, then lets my paper extra space, but I think these are all things we have to pay

attention to by Vanessa. That's what I was thinking about. I do want to go first humans being able to follow body language here. But I think you know; I think I bought my company right after the Great Recession which seems like that was going to be our biggest challenge, but I was sort of like raised in that depressive mindset where I had to work with what I had so I got very skilled at working with very little and making a come a long way. And so, I find that

those things have gotten better over the years and spend a beautiful 10 years in in in the real estate industry with price appreciation in an inventory and you know homes trading and building Equity, but you know, once again, it's almost it's really like getting back on that bike. He didn't want to get back on but you know how to do it. You know, what matters You know what to cut first to be the most important thing was to honor the leases and I was in and to honor keeping my entire staff is as long as I possibly could so with that in mind. I caught underneath and accept

the things that were me to highest values as a company owner first and foremost and then it's really answering cuz when you look at through so much stuff in there that you're like, why did I ever have this until those were easy to just cut right if things went up it wasn't really used as a cut and there will be more of that coming but ultimately, you know, as we embrace technology, we have to open up to the fact that offices even for you and them will be used for things different than what we were doing with sitting there the computers and maybe talking and ringing

in leftover food from Brokers to work. I think you know as I look at it, I'm thinking how can I turn that into a digital space? How can I honor it again? my leases and the agreement that I've made contractually and served my community. But can I really get aggressive about what I do with space? So while I'm cutting, I'm also innovating and I'm spending as much time as I possibly can sourcing what I think will be what we need for the future. And I think that's cool and attendees, you know, we built our branch on the ground upright or we've maintained them from the ground up. So

this is nothing new for us. We're not waiting for the captain of our ship to tell us what to do. We've always you know, but I think she'll be just fine doing this but I think that'll tell you I think you'll tell me it's that we don't wait for anyone to tell us is what to do. Next you, you know, it's up to you to do it don't wait for them. So that part of it I think it is we can probably save me something to this right away and do what you did to do. Yeah, I would add to that. We haven't even talked about the Great Recession. We'd learned a tremendous amount. Number one.

We acted significantly more swiftly. So, we created new budgeting so that we knew we would be financially stable and strong be able to not only on us commitments but continue to invest in Innovation. It was really difficult because we've been through it before so I think it was a little bit easier for us. The good news is that the water is really choppy and that's where we accelerate so calm Waters like the way it's been for like eight years easy to get in and it's easy to get out. The problem is everybody kind of speeds together, except they have the

same flow the same opportunity when the water gets really choppy, you know, he breeds Innovation competitive Spirit creativity. So, we had a lot of things in the hopper that we just accelerated input right at the Forefront if we were going to shelter in place and we were going to slow down us business we had to put that energy and work towards Weddings are coming out of this you will see who was working when they were at home and you were thinking about doing things differently and who is excited about the market coming back and who was afraid cuz fear affects people in a lot of

different ways for some it's an incredible motivator you get down to in your work your way. And you solve your own problems Brothers you wait for you freeze. You find you wait for someone to bring the solution and a Xindi. We don't have that opportunity. There is no lifeline you either sink or swim. So, in this case, you know, we decided to swim faster blow up some life jackets get on a boat, you know try to spend more time with her family. But the same time I will tell you the last 60 days. I probably never worked harder in my life.

What type of opportunity you think this creates and then Vanessa co-pay. Love to hear from you as well. I think everyone is focusing on you ever like talking about the marketing side. Nobody likes talking about the digital side of operations, even though that's the spine that keeps it all together. So I'll talk about the fun stuff, you know, everybody's now looking for what's next year. We've been dealing with physical brochures forever even dealing with physical listing presentations forever. I do not think either of those is going away and I do believe they will still be a strong value

proposition will be this great new entree of product. Some people are developing internally as being your own proprietary technology and you'll see a lot of companies on Bill new ways of showcasing properties and the cool part is about whether it's a recession whether it's COVID-19 chaos is that all of these Innovations are going to benefit TN consumer which uplift the individual agent to those that are betting on the agent's exit stage left or wrong is a lot of this in Innovation needs to be introduced maintained and shared not just virtually in from the back into the computer.

Peppermill human being from a smile into relationships. So, the digital Edition to the agent. I think that's happening over the next 18 months will be the best we've seen again. I think you'll be a lot of operation stuff. That's probably more important and better but it doesn't have the sex appeal of the shine that you really want to see so that's shiny stuff that's coming out is going to be really cool. Copyright. I know you are affiliated with side and I think that that's also a thing maybe you can speak it out a little bit at the

beginning of it. Say one more time about the end-to-end operation systems. And I know you're affiliated with side. That's also an interesting sort of approach. Maybe you can speak to Dad a little bit as a new indie owner even part of the first question about where we're looking at, you know, so the budget constraints and you know paying attention to where the money's going because the side is also taking a lot off of our plate running are back in for it. You don't know it

was part of the reason that allowed me to start my own broker sooner cuz I didn't have to create all the text that I knew I would need I didn't have to create, you know, the platform the marketing platform the CRM systems it all integrated together and inside I was able to do that so that that was a huge lift and a fuse burden upper back and then they have so much, you know, it's a VC-backed company. So, they're always tracking the latest trends that can invest in creating their own technology, you know for the partners like myself and then we can just Implement and then we marry

that with the tools and resources that we find on our own, you know it and we've become more digital than ever in everything from GoToMeeting to zoom calls to a bright new app that I've been using call revo4 home tours. You know, what all of these things are going to be tools that one will look to either white label if we can to some of these companies offer that so becomes a branded opportunity for us or it's something that we just want to make sure he helping that interaction with the client that that was touching on it because we are still a belly-to-belly business. So, we have to find

ways to use me where we can still gauge the actual emotions and ammo the responses and nuances of those emotions of our clients and the people were engaging with to get deals done effectively. Vanessa, you want to wrap us up with this idea again. I really agree that it's going to be weird as agents going to remain incredibly relevant. I am not worried about that. If anything, I'm probably more convinced and have more conviction that that's our future I'm excited about the opportunity that the Digital Playground now really gives we have

seen and learn more through this open and nonpaid for media and what I'm excited to see is who that brings out into the world and how that conversation around homeownership wealth-building Equity can be pushed through on a platform where you don't have to pay a lot of money to do that. You don't have to have a big book subscription. You don't have to BBC back. You don't have to be anything other than who you are taking control over a meeting on that. We have had permission to use it for the first time in history. And I think I was

died to delve into my brokerage. I'm going to look mostly to the Young Generation to see how I can build a company and grow a company right here in my own backyard in a place. I'm committed you for decades and take that to the next level but it's always going to be because of a human relationship and it's always going to be about community. So, it's a little bit of off-track of your answer but I think right now what I read was that 10 jobs were lost during this. during COVID-19

Moving forward and I just want to stay open to and I think really where it's going to happen is right here in this digital world because we are connecting more now and getting more personal and transparent and authentic World talking to each other from our house is I don't know how many thousands of people and not that often TriCity. I am like to bring it, please. I've been waiting my whole life for it and I think technology is going to be the place to do it. I love that it's time for us to wrap and Saturday night and we talked about maybe I think

each of you offers like an inside or a best practice that you picked up during this. You know, I'd love to hear maybe something related to pack Innovation what you're doing, but ultimately just something practical about how you're managing this. Of uncertainty, as you mentioned, so I'm actually sad why don't you start cuz you were a little more crafts for this. That's fine. Do you say I'm impressed because I have no idea what you're asking? me, you know, if I've learned I think in time to really stress and you have anxiety in your driven your I have a tendency

to learn more about myself and figure out what I am capable of internally and I also I would like a lot on myself and looking inwardly, but I also connected more closely not only with my family but with my friends and all my colleagues at work, so I figured out and you are sure. The time that I'm a lot smarter with significantly strong people around me until I got really close with people and talked openly and shared goals and come and came up with some great ideas. And then again started bringing more people together to start working on those ideas. So, I guess one thing I figured

out, you know, when is somewhat of a narcissistic climate that we live in these days that I am far stronger and better and healthier and a better dad and a better partner. Better Business leader, the more people I collaborate with and the more I rely on the assistance and they're open sharing of others. So that piece of humanity is something good. I feel really good about over the last 60 days. Kirby, I think you were nodding a great opportunity to learn more about ourselves as you know, we

started with social justice and then I started using the term Social Security as it turned into. Who are we going to be on the other side of this? Hell are we going to be better? And you know, I'd be remiss if I didn't talk about the bigger picture of what's going on and in still married to what that was saying about different voices, you know in this is a great opportunity as in The Brokerage owners to bring different voices to the table and we will put for that challenge to the larger broke or just when you look at the Mississippi Suite of brokerages when we look at the sea Suites of

companies, you know, what does that case look like when scrolling to the page I should be able to scroll quickly and see someone who looks like me, even if I don't see the features to see a color that looks like mine, right and I looked at the pages of the Brokers. I'm on the panel with and they have that which is great in my brokers has that, you know, we just want to keep pushing that forward because of those unique experiences. In Dynamic background. That's what makes the conversation extremely rich and it really ultimately brings more value not just to our industry but specifically to

our client. Thank you so much for what you're going to do out there too. I think what I think I like what I have learned most and when I am continuing to learn every day is just the power of our own mind that whatever is happening externally, whatever it is. I was really the discipline in the control and how you speak to yourself and how you think of things and could really change how you move forward in the world and we could be triggered by things that are just thoughts.

They're not happening, and we could be triggered by things that are happening that become bigger socks and over the last year of 75 days. I have been thankful. And I am been learning that well, well, there is so much about our brains in our mind that we don't know. It's a whole part of me as a the whole thing that I want to dive into because it's incredible what you can put up with and get through and in the resiliency and so much of his is not what we are in our physical and it's not as in our physical experience is really just in our mind and if you have anything you can do to just

get that mental toughness and that agility and elasticity. Available and resource you will find incredible things are possible. So that's my biggest takeaway from this these days I so much. Thank you. It's me. Again. Thank you, guys. That was a great panel. I think we're just all getting used to doing this. We should be used to it by now though right spin like a hundred 90 days. I don't know. I feel like I haven't left my house in a long time. Anyway, how did you like it today? I'm

getting a ton of feedback on my own personal Instagram accounts. Thank you for the messages. It seems like it would be a raving success. I know I had a great time my dog didn't bark Mike. My husband was great. He is sitting right here. You don't even know it. He's been, my AV guy. I want to say a personal thank you to the amazing team that he'll put all of this together today and will help us get through tomorrow and the next day all of Inman Brad. Thank you. There are still so many great things on the schedule and check it out. Like right here. We have there's a bingo tonight. There's a

Peloton ride in the morning if there's a lot of educational sessions this afternoon. So, take advantage of pretending like you're in Vegas. Kind of just enjoy yourself. Thank you for being here. We again appreciate it, and I will see you tomorrow with makeup and a dress on your welcome. Have a great evening.

Cackle comments for the website

Buy this talk

Access to the talk “Inman Connect - Session2”
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free

Ticket

Get access to all videos “Inman Connect 2020”
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Ticket

Interested in topic “Real Estate & Property, PropTech”?

You might be interested in videos from this event

September 29 - October 12, 2020
New York, NY
68
1.27 K
covid-19, cretech, investment, iot, real estate, sustainability, venture capital

Similar talks

Katie Kossev
Sales Manager at Compass
+ 8 speakers
Pete Flint
Managing Partner at NFX
+ 8 speakers
Brad Inman
Founder at Inman News
+ 8 speakers
Robert Reffkin
Founder and CEO at Compass
+ 8 speakers
Clelia Peters
Venture Partner at Bain Capital Ventures
+ 8 speakers
David Doctorow
Chief Executive Officer at Move
+ 8 speakers
Matthew Gardner
Chief Economist at Windermere Real Estate
+ 8 speakers
Skylar Olsen
Reimagining economics and humanizing data at Zillow Group
+ 8 speakers
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Katie Kossev
Sales Manager at Compass
+ 8 speakers
Clelia Peters
Venture Partner at Bain Capital Ventures
+ 8 speakers
Mauricio Umansky
Founder/CEO at The Agency RE
+ 8 speakers
Dolly Lenz
CEO at Dolly Lenz Real Estate LLC
+ 8 speakers
Jenny Lenz
DLRE at Dolly Lenz Real Estate LLC
+ 8 speakers
Amie Quirarte
Real Estate Agent at Tahoe Luxury Properties
+ 8 speakers
Sherry Chris
Chief Executive Officer at Realogy Holdings Corp.
+ 8 speakers
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Katie Kossev
Sales Manager at Compass
+ 9 speakers
Adam Contos
Chief Executive Officer at RE/MAX
+ 9 speakers
Clelia Peters
Venture Partner at Bain Capital Ventures
+ 9 speakers
Mike DelPrete
Real Estate Tech Strategist at mikedp.com
+ 9 speakers
Vishal Garg
Founder & CEO at Better.com
+ 9 speakers
Adena Hefets
Cofounder at Divvy Homes
+ 9 speakers
Michael Miedler
President & CEO at CENTURY 21
+ 9 speakers
Kristin Hurd
Chief Strategy Officer: Consultant at AllTheRooms Analytics
+ 9 speakers
Paul Levine
President at Trulia
+ 9 speakers
Constance Freedman
Member Board Of Directors at Equity LifeStyle Properties, Inc.
+ 9 speakers
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free

Buy this video

Video
Access to the talk “Inman Connect - Session2”
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free

Conference Cast

With ConferenceCast.tv, you get access to our library of the world's best conference talks.

Conference Cast
949 conferences
37757 speakers
14408 hours of content